product (2).docx - Part B New Product Strategies New product strategy also known as new product development The company develop the new product through

product (2).docx - Part B New Product Strategies New...

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Part B New Product Strategies New product strategy also known as new product development. The company develop the new product through the firm’s own research and development efforts. New product can classified as original product, product improvement and modifications and new brands. Below are the stages for the new product development: Idea generation, Idea screening, Concept development and testing, Marketing strategy development, Business analysis, Product development, Test marketing and Commercialization. There have three types of product and service decision which is individual product decisions, product line decisions and product mix decisions. The decisions that uses by Marrybrown is the individual product decisions. Individual product decision has 5 stages which is product attributes, branding, packaging, labelling and product support services. A product attribute is a characteristic that defines a particular product and will affect a consumer's purchase decision. It includes the product’s features, style, design and quality. The marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products. An effective brand strategy gives the company a major edge in increasingly competitive markets. Product support is a service provided by many vendors of various products
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